Fed's Logan (2026 voter, hawk) even if oil prices stay high, constraints like gas takeaway capacity may keep producers from increasing output
- Increase in exports of oil has mostly come from inventories, not new production.
- Even with most conservative estimating, electricity prices from data centre demand likely to be another source of modest inflationary pressures.
- Very optimistic on long-term productivity gains from AI.
- Right now, investment demand for AI is big, real and has near term inflationary effects.
- Has concerns about the labour force in Texas, given immigration restrictions.
- Fed meetings and the structure and the data-driven focus has not changed a bit.
- Wages at the moment are not providing inflationary pressures, is worried about the risk though.
- Goal should be efficient and effective balance sheet, not necessarily a goal on its size.
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